Yes and this is already happening to some degree. Nintendo, for example, outsources Metroid games for quite a while now already because it seems like they don't have the mojo themselves anymore. Many other of their franchises are taken care of by smaller studios as well like Luigi's Mansion.
I believe that creating a game in a popular franchises is much more than just putting some assets together that have already been know in this particular franchise and call it a day. The success of a game is closely linked to the people developing it and their idea of how it should be made. Now if a bigger publisher lacks the fitting people to create a specific game, the publisher should try to look out for people who can do this job.
Gameplay > Graphics
Substance > Style
Art Direction > Realism